how it applies to the organisations internal operations?
Recommendation How It Applies to the Organisation's Internal Operations i. Recommendation 4.1: ) have an audit committee45 which: (1) has at least three members, all of whom are nonexecutive directors and a majority of whom are independent directors; and (2) is chaired by an independent director, who is not the chair of the board, and disclose: (3) the charter of the committee; (4) the relevant qualifications and experience of the members of the committee; and (5) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have an audit committee, disclose that fact and ii. the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner. Recommendation 4.2: The board of a listed entity should, before it approves the entity's financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. PR 1.3. Access the latest version of the ASX Corporate Governance Principles and Recommendations through this link: Corporate Governance Principles and Recommendations Refer to Principle 4: Safeguard integrity in corporate reporting and select two (2) recommendations under it. Analyse and explain how each recommendation can be applied to Bigger Than Big's internal operations. Write your responses in the spaces provided below. Recommendation How It Applies to the Organisation's Internal Operations i. Recommendation 4.1: ) have an audit committee45 which: (1) has at least three members, all of whom are nonexecutive directors and a majority of whom are independent directors; and (2) is chaired by an independent director, who is not the chair of the board, and disclose: (3) the charter of the committee; (4) the relevant qualifications and experience of the members of the committee; and (5) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have an audit committee, disclose that fact and ii. the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner. Recommendation 4.2: The board of a listed entity should, before it approves the entity's financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. PR 1.3. Access the latest version of the ASX Corporate Governance Principles and Recommendations through this link: Corporate Governance Principles and Recommendations Refer to Principle 4: Safeguard integrity in corporate reporting and select two (2) recommendations under it. Analyse and explain how each recommendation can be applied to Bigger Than Big's internal operations. Write your responses in the spaces provided below
